ICICI BANK LIMITED Vs. KAMINI SHARMA & ANR

JUDGEMENT

(1.) The present appeal arises out of the impugned judgment/order dated 6th February, 2015 by which the suit for recovery filed by the Appellant/Plaintiff bank (hereinafter, 'Plaintiff bank') was dismissed. The primary ground on which the suit had been dismissed was that the Plaintiff bank had failed to file the original loan recall notice dated 11th February, 2014 in the Trial court.

(2.) The Respondents/Defendants (hereinafter, 'Defendants') approached the Plaintiff bank for financing of the purchase of a vehicle under loan cum hypothecation scheme for a sum of Rs.11,50,000/-. The Defendants agreed to repay the loan amount in 47 equal monthly instalments (hereinafter, 'EMI') of Rs.31,070. The loan was duly sanctioned and was disbursed on 23rd July, 2012 to the dealer from whom the vehicle was to be purchased by the Defendants, after deducting usual processing fee and stamp duty charges. All the loan documents were executed by the Defendants.

(3.) Upon payment by the bank to the dealer, the Defendants secured a loan for the Vehicle Toyota Innova VX 7 seater bearing registration No. UP16-AK-6208. Various cheques were issued by the Defendants for payment of the instalments, which were dishonoured/returned unpaid with the remarks "Refer to drawer/insufficient funds", when presented by the Plaintiff bank. Accordingly, the Plaintiff bank filed a suit for recovery for the sum of Rs.9,11,985.21.